The move was announced on Sunday, with a press release from Disney noting that the change would be “effective immediately.” Iger, who previously served in the role for 15 years, was preceded this time around by Bob Chapek. According to Disney, Chapek has stepped down. A report from the Associated Press, meanwhile, states that Chapek was fired.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board, said Sunday. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
In his own statement, Iger said he was “extremely optimistic” about Disney’s future.
“I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling,” Iger said.
Under the return agreement, Iger will serve as CEO for two years. He will also “work closely with the Board” on picking someone to succeed him at the end of his new two-year tenure.
On Monday morning, per CNBC, Disney stocks rose about nine percent following word of Iger’s return. This comes after the company’s shares had dropped roughly 40 percent in 2022 as of Friday. In short, Iger’s return came as a surprise for industry insiders and informed consumers alike, many of whom had expressed frustrations over the Chapek era.
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